RAYONIER INC — Director's Dealing 2012

Mar 5, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2012-03-01

Reporting Person: THOMAS LEE M (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-01	Common Shares	A	364.0000	$0.0000	Acquired	371560.0000	Direct
2012-03-01	Common Shares	F	13669.0000	$44.1900	Disposed	357891.0000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1679.7069	Indirect

Footnotes

F1: Shares are being withheld from Mr. Thomas' 2007 restricted stock award which vested 3/1/2012. The award was previously reported on Form 4 filed March 2, 2007 as 25,000 shares vesting, but was adjusted to reflect the stock split on 8/24/2011.

F2: Shares are held in the Rayonier Investment and Savings Plan, a 401(k) plan, for this person's account.